Instagram Influencer “Jay Mazini” Sentenced to Seven Years in Prison for Multi-Million Dollar Crypto Ponzi Scheme

Instagram influencer Jay Mazini, whose real name is Jebara Igbara, has been sentenced to seven years in prison for running a multi-million dollar crypto Ponzi scheme. The 28-year-old from New Jersey pleaded guilty to fraud charges, admitting to orchestrating a scheme that resulted in approximately $8 million in illicit gains.

Igbara targeted the Muslim community, taking advantage of the economic turmoil caused by the COVID-19 pandemic to solicit investments for his company, Hallal Capital LLC. He promised returns through stock trading and the resale of electronics and personal protective equipment.

Prosecutors revealed that Igbara used his social media popularity to deceive investors, including members of his own religious community. He spent the money on luxury cars, excessive gambling, and funding his extravagant lifestyle.

Despite gaining popularity on Instagram with a following of around 1 million users, Igbara’s fraudulent activities were exposed by online investigators in 2020. He was later arrested on kidnapping charges in 2021, to which he pleaded guilty.

During his sentencing in a Brooklyn federal court, Igbara expressed remorse to his victims and apologized for his actions. In addition to his seven-year fraud sentence, he received a concurrent five-year prison term for the kidnapping charges and was ordered to pay $10 million in restitution to his victims.

The case highlights the risks associated with cryptocurrency fraud and Ponzi schemes, with millions of dollars lost to such scams in the first quarter of this year. Despite efforts to recover stolen funds, investors must remain vigilant and cautious when approached with investment opportunities that seem too good to be true.